Stewart Enterprises, Inc. STEI reported today that its Board of Directors increased the annual
cash dividend on its Class A and Class B Common Stock by 14% to $0.16
per share, compared to the previous $0.14 per share. As a result, the
Board declared a quarterly cash dividend of $0.04 per share. The
dividend is payable on April 26, 2012 to holders of record of Class A
and Class B Common Stock as of the close of business on April 12, 2012.
Thomas M. Kitchen, President and Chief Executive Officer, said, "The
Board's decision to increase the cash dividend reflects its continued
confidence in our solid balance sheet and our ability to consistently
generate strong cash flow. This represents a 60% increase in our
dividend rate in the last two and one-half years."
It is the Board's
intention to periodically re-evaluate the Company's dividend policy for
potential increases in the future. The declaration of quarterly
dividends is at the discretion of the Board of Directors and will depend
on the Company's financial results, cash requirements, future prospects
and other factors deemed relevant by the Board.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in